Home Owners: Insurance ?

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21

[quote=“RobtC”"]

Looking for a little help/insight as far as selecting insurance.

I ran a quote through Geico a few days ago, listed everything on there to the best of my knowledge, and received a quote of roughly $350/year. Very reasonable. I call to purchase this option today, the lady on the phone asks several questions about the home, and proceeds to tell me that based on the info I gave her, my insurance would be $1026/year.

She told me the amount I’d need to insure my home, which is assessed at roughly 80k, would be 300k. That is ridiculous. Someone please help me.

[/quote]

that jump is a bit crazy - however depends on the house… I am insured through geico at about half that.

you have to remember you are insuring an old house (probably) and you need to be insuring what it would cost to rebuild your house new.

for example my house is assessed at $143K, however I needed to insure for like 250K because that is what it would cost to rebuild the size & amount of rooms I have.

how many sq feet and what type of rooms do you have etc.?

22

$1026/year sounds about right for a $500,000 house.

I have State Farm and they have been good so far.

23

I use All State.

Remember, another huge portion of the insurance is the cost to replace everything in the house. Add it up, buying everything NEW, and you’ll be surprised.

I never advocate cheaping out on insurance, if you ever needed it, you’ll be happy you sacraficed the few extra mighty tacos a month on good coverage.

I have been very happy with All State, although I haven’t made a HO claim. I have my house, car and bikes through them.

24

i pay $847/yr for home and my house is $200,000 we have allstate

25

i had allstate but was canceled for stupid reasons as well. my crappy little house was written a policy for i think $280 a year. insured at $150K replacement. i understand why companies are so picky when going to insure a house because soo many people make fraudulant claims.